Intelligent Equity

Episode 22: Challenges and Opportunities for First-Time Buyers with Chris Crowley

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In Episode 22 of the Intelligent Equity Podcast, host Ryan Kiefer talks with Chris Crowley of Comey & Shepherd Realtors. Chris shares his thoughts on what kinds of challenges and opportunities are out there for first-time buyers in 2020. You’ll also hear about how home affordability has actually improved because renting is currently more expensive than owning.  

Episode Highlights: 

  • Chris Crowley grew up helping his father who was a contractor. This gave him exposure to a behind-the-scenes view of renovating.
  • He has been an active agent for 14 years with Comey and Shepherd.
  • First-time homebuyers are up against a lot in the current market.
  • It’s a very competitive market. First time buyers don't have time to think about it. You have to go into a home, look at it, and make your decision while you're there.
  • Local starter homes start between 100-250k.
  • What are the challenges or opportunities currently for move-up buyers?
  • Most people in the mid-range level aren't in a position to buy without selling.
  • Sellers take a risk when accepting an offer with contingencies.
  • Typically winter is a slower time of year, but there are a ton of buyers out there right now.
  • The traffic is up over 12% year over year in terms of buyers out looking at homes, particularly in the starter home market.
  • What advice does Chris have for sellers who would like to wait for the spring market?
  • Chris feels that the weather is a huge factor in when the spring market will take off.
  • If the weather holds out how it is right now, the spring market is right around the corner.
  • The spring market will be competitive and it is already gearing up.
  • Buyers that are out looking at this time of year are typically serious.
  • If you get a showing request this time of year, it's a serious buyer.
  • Chris is hoping for a very successful, prosperous year for everybody.
  • Home affordability has actually improved because rates are back near historic lows.
  • If you own a starter home, you can get top dollar for that home right now and probably get a good deal on your move-up house.
  • With rates being so low, rents are extremely high. It's a perfect time to buy.
  • You're going to save money by owning vs. paying high-dollar rent.
  • Your median rent takes up 28% of the median income in this country. Buying a home takes up 17%.

    • 3 Key Points:

    1. The current market is extremely competitive for first-time homebuyers.
  • There are a ton of buyers looking right now. The spring market will take off soon.
  • Home affordability has improved with unexpectedly low interest rates.

    • Resources Mentioned:

    • Ryan Kiefer: LinkedIn, Facebook, Website
  • Chris Crowley website, Facebook, LinkedIn
    • ...more
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    Intelligent EquityBy Ryan Kiefer
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